Latest Releases
U.S. Senator Tina Smith Releases New Report on Solutions to the Home Insurance Crisis
WASHINGTON – Today, U.S. Senator Tina Smith (D-MN), the lead Democrat on the Senate Housing Subcommittee, released a new report, Bold Solutions to the Home Insurance Crisis. It examines the nationwide crisis of rising home insurance costs, the role of climate-change-driven extreme weather events, and policy solutions that would tackle this affordability crisis. Across the country, Americans are increasingly facing unaffordable home insurance bills or aren’t able to access coverage at all. Insurers have significantly increased their rates, pushing up home insurance premiums an average of 45% since 2019. Sixteen years ago, home insurance was much more affordable and cost only 5% of the typical monthly mortgage payment. But these costs have now more than doubled to more than 10% of a typical mortgage payment, even as mortgage costs have also surged. Former Federal Reserve Chair Jerome Powell emphasized the risk we face in response to Sen. Smith’s questioning during a Senate Banking Committee hearing, saying that “If you fast-forward 10 or 15 years, there are going to be regions of the country where you can’t get a mortgage” due to insurance companies pulling out of high-risk areas. Minnesotans have been particularly hit hard by rate increases. Last year, Minnesota home insurance rates increased 34%, which was the largest increase of any state, according to reports. These problems, Sen. Smith argues, are driven by the growing strength and severity of disasters due to climate change and an insurance industry motivated more by profits than protecting its customers. To address the problem, Sen. Smith lays out more than two dozen policy options that Washington can consider, ranging from those that lower physical risks for homeowners and communities, to wholesale alternatives to our current, private home insurance system. You can read the full report HERE: · Senator Smith’s opening letter here · An executive summary here “Owning a home has always been part of the American dream. But for too many families today, that dream feels further out of reach than ever before. Without affordable insurance, mortgages may become harder to get, home values
U.S. Senators Tina Smith, Dave McCormick, Ruben Gallego and Thom Tillis Introduce Bipartisan Legislation to Extend the Terrorism Risk Insurance Program for Seven Years
WASHINGTON, DC – Today, U.S. Senators Tina Smith (D-MN), Dave McCormick (R-PA), Ruben Gallego (D-AZ), and Thom Tillis (R-NC) introduced the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026, which is essential to economic security by safeguarding the availability of terrorism risk coverage. This legislation is also cosponsored by Senators Britt (R-AL), Van Hollen (D-MD), Crapo (R-ID), Cortez Masto (D-NV), Kennedy (R-LA), Schumer (D-NY), Moreno (R-OH), Kim (D-NJ), Ricketts (R-NE), Alsobrooks (D-MD), Warnock (D-GA) and Blunt-Rochester (D-DE). Following the attacks on September 11, 2001, most states began allowing terrorism risk to be excluded from commercial insurance policies, leaving businesses and industries without access to coverage. Since insurance is a precondition for commercial lending and real estate transactions, this gap in coverage threatened broad economic damage across real estate, construction, energy, transportation, and related industries. Congress responded by passing the Terrorism Risk Insurance Act of 2002 (TRIA), creating a federal reinsurance backstop to stabilize the private market and ensure that commercial policyholders could continue to obtain terrorism risk coverage. The private insurance market has relied on the TRIA backstop ever since. When TRIA briefly lapsed in December 2014, terrorism exclusions that insurers had pre-filed with state regulators took effect automatically, making terrorism coverage effectively unavailable across commercial policies nationwide. As a result, terrorism risk coverage was removed from policyholders immediately and without notice. Given that the current threat landscape remains elevated, allowing a similar lapse in terrorism coverage would expose policy holders to unnecessary financial risk and uncertainty. “The Terrorism Risk Insurance Program is critical to keeping insurance available and affordable to businesses in Minnesota and across the country so they can grow and create jobs,” said Senator Smith. “Without this bill, a potential terrorism event would mean a financial catastrophe for many businesses and would be extremely costly to taxpayers.
U.S. Senators Tina Smith, Kevin Cramer, John Fetterman and Katie Britt Reintroduce Bipartisan Legislation to Strengthen Domestic Bus Manufacturing
WASHINGTON – Today, U.S. Senator Tina Smith (D-MN) led her colleagues Senators Kevin Cramer (R-ND), John Fetterman (D-PA) and Katie Britt (R-AL) in reintroducing bipartisan legislation to cut red tape and strengthen the domestic bus manufacturing industry by providing more flexibility for local transit systems when purchasing buses. Current U.S. standards impose outdated, 40-year-old payment practices on our bus manufacturers and purchasers, which result in unnecessarily high costs. Many domestic bus manufacturers have gone bankrupt or left the market, despite high demand for new vehicles. The Bus Rolling Stock Modernization Act would help fix this problem.The legislation allows bus purchasers to make advanced payments up to 20%, which will help manufacturers to keep costs down.
U.S. Senators Tina Smith, Amy Klobuchar Reintroduce Bill to Secure Critical Federal Funding for Northeastern Minnesota Counties
WASHINGTON – U.S. Senators Tina Smith (D-Minn.) and Amy Klobuchar (D-Minn.) reintroduced their bill to provide critical federal funding for northeastern Minnesota counties hosting federal wilderness lands. Cook, Lake, and St. Louis counties benefit from the Boundary Waters Canoe Area Wilderness (BWCAW) as a world-renowned tourist destination, but they also forgo property taxes and other potential revenue streams. The bill would restore fairness to the longstanding Thye-Blatnik payment system and prevent massive cuts in county revenue now or in the future. “For decades, Thye-Blatnik payments have provided critical funding to northern Minnesota counties that host federal wilderness lands. This bill
U.S. Senator Tina Smith Pens Op-Ed Announcing She Will Not Seek Reelection in 2026
WASHINGTON, DC – Today, U.S. Senator Tina Smith (D-MN), penned an op-ed in the Minnesota Star Tribune announcing her decision not to seek re-election to the United States Senate once her six-year term ends in 2027. During her tenure, Senator Smith has lowered costs for prescription drugs, fought for true mental health parity, helped to pass the most significant climate legislation in history, and served as a champion for rural communities. She plans to carry forward her work standing up for all Minnesotans in the Senate – whether it is protecting access to reproductive care, lowering housing costs, defending the
U.S. Senator Tina Smith, Colleagues Seek Answers on Elon Musk and DOGE’s Access to Federal Student Loan Data
WASHINGTON – U.S. Senator Tina Smith, alongside 15 of her colleagues, sent a letter to Acting Secretary of the Department of Education Denise Carter, seeking answers after reports that Elon Musk’s Department of Government Efficiency (DOGE) has infiltrated the Department of Education (ED) and students’ personal, private data. There are over 40 million federal student loan borrowers in the United States, and the student loan database infiltrated by Musk contains millions of borrowers’ highly sensitive information, including Social Security numbers, marital status, and income data. “This deeply troubling report raises questions about potential exposures of Americans’ private data, the abuse of this data by the Trump Administration, and
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